LEGAL UPDATE

28 March 2024
May 2015

For further information on

legal updates please contact:

E: info@fbattorneys.co.tz

About FB Attorneys
FB Attorneys is an all service law firm
based out of Dar es Salaam, Tanzania.
Trustees’ Beneficial Ownership Rules Issued We cover all aspects of the law
• Trustees to disclose BO information and specialise in all corporate and
commercial matters including Mining,
• Trustees’ BO register to be maintained
Oil & Gas, Tax, Litigation, Competition,
• Competent authorities’ access to BO information guaranteed Banking & Intellectual Property law.
• Penalty for non-compliance stipulated

On 29 February 2024, the Minister for Constitutional and Legal Affairs issued procedures for
submission of information of Beneficial Ownership (BO) vide the Trustees’ Incorporation
(Transparency of Beneficial Ownership) Rules 2024, GN No. 139A of 2024 (the Rules).

The Rules impose a mandatory obligations to ordinary or professional trustees to obtain FB Attorneys has been ranked as a
and hold adequate, accurate, and current information regarding the identity of the settlor, tier 1 law firm by the IFLR 1000 in the
the trustee, if any, the beneficiaries and any other natural person exercising ultimate Energy & Infrastructure and Financial &
effective control over the trust; and basic person or entity information on other regulated Corporate sectors, tier 1 by Legal 500
agents of, and service providers to, the trust, including investment advisors or managers, and band 1 by Chambers and Partners
accountants, and tax advisors. General Business Law.

Further to the above, the Trustee is obliged to submit accurate and adequate particulars FB Attorneys
8th Floor, Amani Place, Ohio Street
of the settlor, beneficiaries and beneficial owners of the trust to the Administrator General
P. O. Box 19813
through Form No. 1A, 1B, and 1C as prescribed in the Rules.
Dar es Salaam, Tanzania
T: +255 22 2135994/5
Moreover, the Rules expressly oblige trustees to make available to the competent
E: info@fbattorneys.co.tz
authorities information regarding BO and control of the trust; the residence of the W: www.fbattorneys.co.tz
trustees; and any assets held or managed by the reporting person or any other person in
relation to any trustees with which they have a business relationship, or for which they Disclaimer
undertake an occasional transaction. The said competent authorities, for BO purposes, are Information found in this legal update and
authorities with designated responsibilities for combating money laundering and terrorist any attachments are confidential and may
be privileged or otherwise protected from
financing; authorities responsible for investigation and prosecution of offences related to disclosure, and intended solely for the use of
money laundering and terrorist financing; the Tanzania Revenue Authority; the Financial the individual or entity to whom it is addressed
Intelligence Unit; and Government institutions responsible for overseeing or implementing to. If you are not the intended recipient, please
notify the sender immediately and delete
economic empowerment of the Tanzanian nationals pursuant to the respective laws. this message and any attachment from your
system. Any views or opinions expressed in
In tandem with the duty to disclose information, the Rules impose restrictions to the the message or its attachments are not
necessarily those of FB ATTORNEYS.
trustees against disclosure and use of BO information. Rule 6, for example, restricts
© FB Attorneys 2022. All rights reserved.
disclosure and use of BO information except when it is for communication with the
respective BO; compliance with the requirement of the law or Court order; or adherence
to the instructions given by the BO himself. Moreover, the Rules, vide rule 8, impose an
obligation on the Administrator General or any other officer to treat BO information with
strict confidentiality at all times, including when in employment relationship with RITA and
even after cessation of such relationship.

In so far as default in complying with BO disclosure requirements is concerned, the Rules

provide a punishment of not less than TZS 100,000 but not exceeding TZS 200,000.

To read the Trustees’ Incorporation (Transparency of Beneficial Ownership) Rules, 2024

click here